As the financial industry is shifting towards a customer-centric focus, many banks and credit unions have outlined strategic priorities to transform customer experiences with innovative products and services. To much surprise, a research study conducted by PYMTS and PSCU reveals that there is a large disconnect between what members are looking for and what credit unions (CUs) are prioritizing, in terms of areas of innovation. In particular, loyalty offers are ranked as number one by members, yet it is only ranked 7th on CU’s priority list. This disconnect presents a threat for CUs as digital banks or other fintech competitors can easily fill this loyalty experience gap.
Cross-sell to credit card revolver customers.
DID YOU KNOW?
Debt consolidation is cited as the number one reason an individual considers taking a personal loan. Home renovation projects are ranked as the second reason.